- Posted April 18, 2022
A Certified Financial Planner's Ideas for Creating an Income Stream in Retirement
Living off your retirement fund can quickly become more stressful than retirement should have to be! Providing yourself with some extra streams of income will ensure the most comfort and confidence possible out of your retirement years. Here are a few ideas from our certified financial planner of things that can get you that extra income.
Build an ADU
Real estate is one of the best and most lucrative forms of passive income available, especially in today’s market states our certified financial planner. Consider building an accessory dwelling unit—an “ADU”—on your property to rent out! Because this all exists on your property, this is one form of income that is entirely independent of anyone else. You have complete control over who rents it, the rules of the rental, everything involved with the people and financial agreements… and all it costs you is the expenses of building, which pay for themselves soon into renting!
Short-Term Vacation Rentals
Another lucrative real estate investment is short-term vacation rentals as part of a financial plan. Owning these properties likely means a bit more maintenance, as you will have to ensure the home’s thorough cleaning and repair between renters which will change more frequently. However, you can also employ the services of professional cleaning and maintenance workers without it taking much out of your income. Consider, too, the types of properties you can invest in and the benefits of those types. For example, condos come with professional HOA management so you can spend less time on maintenance. Market your property via AirBnB, Guesty, Facebook and more. You’ll get plenty of interest especially in high tourist areas!
Finally, consider using your skills, hobbies and experiences to make some money! You have a wealth of experience to offer the communities around you. Offering freelance work for your professional services allows you to make your own schedule and regulate your workload entirely, while still making some money when needed. The same goes for teaching lessons, tutoring, and consulting—you can do all of these things on your terms and pricing. And, because these are (hopefully) tasks you enjoy, “working” won’t have to feel like working while you’re in retirement! Jump into your interests and hobbies and make the most of your time by turning it into some financial plan income.
Do whatever fits your capabilities and access to resources to get you the flow of income you need to feel less stressed and more in control of your retirement. Whether you invest or find ways to “work”, you’ll be grateful for that extra money and what it can do for your comfort and confidence!
Check out this article on economic factors that retirees need to look out for!
Contact Tenpath Financial Group for certified financial planning services.